/Not for distribution to U.S. newswire services or for dissemination in
the United States. Any failure to comply with this restriction may
constitute a violation of U.S. securities laws./
VANCOUVER, Jan. 24, 2012 /CNW/ - Partners Real Estate Investment Trust (the "REIT" or "Partners REIT") (TSXV: PAR.UN) is pleased to announce that, as previously disclosed,
it has filed a preliminary prospectus with the securities regulatory
authorities in each of the provinces of Canada, except Quebec, to
qualify the distribution (the "Offering") of 10,753,000 units of the REIT (the "Units") at a price of $1.86 per Unit representing gross proceeds of
approximately $20 million, on a bought deal basis, to a syndicate of
underwriters (the "Underwriters") co-led by National Bank Financial Inc. and Canaccord Genuity Corp.,
and including Scotia Capital Inc., CIBC World Markets Inc., TD
Securities Inc., Desjardins Securities Inc., Macquarie Capital Markets
Canada Ltd., Raymond James Ltd. and GMP Securities L.P.
The REIT has granted the Underwriters an over-allotment option,
exercisable in whole or in part at any time up to 30 days following the
closing of the offering, to purchase up to an additional 1,612,950
Units at the same offering price.
The Offering is expected to close on or about February 8, 2012 and is
subject to certain conditions including, but not limited to, the
receipt of all necessary approvals, including the approval of the TSX
Partners REIT also announced today that it expects its previously
announced consolidation of units on the basis of one post-consolidation
unit for every four pre-consolidation units, will take place in
February 2012 after the closing of the Offering. The consolidation is
subject to the approval of the TSX Venture Exchange.
This press release shall not constitute an offer to sell, or the
solicitation of an offer to buy, any securities in any jurisdiction in
which such offer, solicitation or sale would be unlawful. The
securities being offered have not been and will not be registered under
the U.S. Securities Act of 1933 as amended and may not be offered or
sold in the United States absent registration or pursuant to applicable
exemption from registration.
About Partners REIT
Partners REIT is a growth-oriented real estate investment trust, which
currently owns (directly or indirectly) twenty-one retail properties
located in British Columbia, Alberta, Manitoba, Ontario and Quebec,
aggregating approximately 1.7 million square feet of leaseable space.
Partners REIT focuses on expanding and managing a portfolio of retail
and mixed-use community and neighbourhood shopping centres located in
both primary and secondary markets across Canada.
Certain statements included in this press release constitute
forward-looking statements, including, but not limited to, those
identified by the expressions "believe", "expect," "will", "offers the
opportunity", "intend, "look forward" and similar expressions to the
extent they relate to Partners REIT. The forward-looking statements are
not historical facts but reflect Partners REIT's current expectations
regarding future results or events. These forward looking statements
are subject to a number of risks and uncertainties that could cause
actual results or events to differ materially from current
expectations, including the closing of the Offering, success of the
Offering, listing of the Units, use of proceeds of the Offering,
regulatory approval of the proposed consolidation of units, access to
capital, regulatory approvals, our intention to grow and diversify our
portfolio, intended acquisitions, our status as a "real estate
investment trust" and general economic and industry conditions.
Although Partners REIT believes that the assumptions inherent in the
forward-looking statements are reasonable, forward-looking statements
are not guarantees of future performance and, accordingly, readers are
cautioned not to place undue reliance on such statements due to the
inherent uncertainty therein.
The forward-looking statements contained in this press release reflect
our current views with respect to future events and are also subject to
certain other risks and uncertainties and other risks detailed from
time-to-time in Partners REIT's ongoing filings with the securities
regulatory authorities, which filings can be found at www.sedar.com.
Actual results, events, and performance may differ materially from
those contemplated in Partners REIT's forward-looking statements.
Readers are cautioned not to place undue reliance on these
forward-looking statements. Partners REIT does not undertake any
obligation to publicly update or revise any forward-looking statements
either as a result of new information, future events or otherwise,
except as required by applicable securities laws.
Neither the TSX Venture Exchange nor its Regulation Services Provider
(as that term is defined in policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release.
SOURCE Partners REIT
For further information:
Patrick Miniutti, President and Chief Operating Officer (250) 940-5500